Matt Ryder breaks down five illegal practices that could bankrupt your business: double-calling customers, contacting prospects ten times a day, misusing text messages, texting about unpaid debts, and storing payment data without PCI-DSS compliance. Each violates telemarketing, debt-collection, or payment-processing laws.
Here are 5 things that you're doing in your business to grow it that are probably likely very illegal and could potentially cause you to bankruptcy. Is you are dialing people illegally. So you don't know that double dialing, triple dialing people is illegal. Number 2, you're contacting people too many times, right? So you're probably calling them like, I've seen people do like 10 times a day. This is very illegal and the fines are quite astronomical. Number 2 is that you're using text illegally. Okay. So text is extremely regulated, right? So like you have to understand how to use text, when to use it and when not to use it. 4 is that you're probably incorrectly collecting debt. So when someone has a failed payment, technically speaking, when you're calling them, that goes into debt recovery services. Okay. And there are extreme regulations and it's a very litigation-heavy environment. And by you sending a couple of text messages going, hey bro, your payment failed, like that is payment collection and debt recovery and you're probably doing it wrong, which can lead to bankruptcy very, very quickly. And the last is you're illegally taking payments or illegally storing payment details, being completely non-PCI compliant, but you don't give a fuck because 'Cause y'all are and your business is shit anyway.
